Consumer demand for pork, beef in South Korea strengthens

The USDA GAIN report forecasts a robust recovery in South Korea's food service sector in 2022, leading to an increase in demand for beef and pork, a trend expected to persist into 2023. This recovery is attributed to the recovery of the hotel, restaurant, and institutional sectors in a post-COVID market. However, the rate of growth is uncertain due to challenges such as inflation and currency depreciation. Cattle producers plan to increase slaughter rates to capitalize on high meat prices and strong demand for domestic beef, while swine production is projected to decline in the first half of 2023 due to high input costs. Large import volumes for beef and pork, seen in 2022, are anticipated to stay high in 2023.